1. We derive a significant portion of our revenues from the sale of aggregates, ready-mix-concrete ("RMC"), and steel, which represented 31.19%, 21.12% and 16.13%, respectively, of our revenue from operations for Fiscal 2024. Any decline in the demand of these construction materials would have an adverse effect on our business, financial condition, results of operations and cash flows.
2. We derive a substantial portion of our revenues from the states of Maharashtra, Karnataka and Tamil Nadu, which accounted for 81.05%, 85.04% and 92.15% of our revenue from operations for Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. Consequently, any unfavourable developments in these states could adversely affect our business, results of operations, financial condition and cash flows.
3. We depend on certain key customers for a significant portion of our revenues. Our top 10 customers contributed 45.24%, 39.07% and 47.19% of our revenue from operations for Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. We do not execute long-term agreements with our customers and our inability to procure new orders on a regular basis or at all or any decrease in revenues from any of our key customers or any loss of any of these customers or our inability to diversify our customer base could have an adverse effect on our business, results of operations, financial condition and cash flows.
4. The growth of our business and revenue is dependent on our ability to continue to grow our network of customers and vendors. If we fail to retain our customers and vendors registered with us or fail to add new customers and vendors, our business, results of operations, financial condition and cash flows may be adversely affected.
5. Delays or defaults in payment by the customers or a reduction in credit periods granted to us by the vendors could adversely affect our business, results of operations, financial condition and cash flows.
6. We have substantial working capital requirements and may require additional financing in the future. A failure in obtaining such additional financing or on terms favourable to us could have an adverse effect on our business, results of operations, financial condition and cash flows.
7. We engage third-party manufacturers to manufacture certain construction materials that we sell to our customers. The sale of third party manufactured construction materials contributed to 17.57%, 2.47% and nil of the total revenue from operations for Fiscal 2024, Fiscal 2023 and Fiscal 2022, respectively. If such manufacturers choose not to manufacture construction materials for us or fail to maintain quality standards, our business, results of operations and financial condition could be adversely affected.
8. Our technology failures and resulting interruptions in the availability of our offerings could adversely affect our business, financial condition, cash flows and results of operations
9. We have a limited operating history and our historical performance may not be indicative of our future growth or financial results.
10. Security breaches and attacks against our systems, and any potentially resulting breach or failure to otherwise protect confidential information, could adversely impact our business and reputation.